Crude Oil Weekly Price Forecast – Crude Oil Markets Trying To Form A Bottom

Crude oil markets have had a positive week, something that we have not been able to say for a moment now. We are at the very lows of the overall consolidation, so if we can break above the top of the candlestick from this week, that could be a good sign.
Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the week, breaking towards the $52.50 level before pulling back slightly at the end of the week. If we can break above there, then it’s likely that the market will then go looking towards the $55 level in at least short covering, if not some type of bullish move. Quite frankly, the markets have gotten to extreme levels and at the very least need to bounce. A lot of this is due to the coronavirus issue in China which may or may not be getting somewhat contained. If the Chinese are getting ready to go back to work, oil demand will explode and that should send this market higher although we did have a certain amount of concern when it comes to oversupply before then. In other words, I don’t necessarily think the price will go straight up in the air, but I do think that it probably needs to get a little closer to the middle of the box drawn on the chart. All things being equal though, if we break down below the lows of the last couple of weeks that would be a very negative sign and send this market looking towards the $45 level.

WTI Oil Video 17.02.20


Brent markets have looked even more positive, reaching towards the $57.50 level before pulling back slightly. The $55 level has offered a significant amount of support, and if we can break above the $57.50 level it’s likely that the market then goes to the $60.00 level after that. Just as in the WTI market though, if we were to break down below the lows it’s likely to drop another five dollars.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.